An Interlocutory Application (IA) was filed by the Resolution Professional (later substituted by the Liquidator) of M/s. DQ Entertainment (International) Limited, seeking to avoid preferential and undervalued transactions under Sections 43 and 45 of the IBC. The Liquidator alleged that the suspended management (Respondents) engaged in transactions causing losses to creditors, including advance repayments, consultation fee payments, and asset sales at significantly lower values.
M/s. DQ Entertainment (International) Limited was admitted into CIRP on 17.06.2022, following a Section 7 petition by a Financial Creditor.
Mr. Madhusudhan Rao Gonugunta was appointed as the Interim Resolution Professional (IRP).
CS. Dr. Ahalada Rao Vummenthala was appointed as the Resolution Professional (RP) by the CoC on 16.07.2022.
Mr. Venka Reddy Bathina, Liquidator, was substituted as the Applicant in I.A. (IBC) No. 1273 of 2023 on 11.06.2024.
The Applicant alleged that the Respondents (suspended directors and CFO) engaged in preferential and undervalued transactions under Sections 43 and 45 of the IBC.
A Transaction Auditor (M/s. Sarath & Associates) was appointed to examine transactions from 01.04.2017 to 17.06.2022.
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R&A Associates appointed as Secretarial and…
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An Interlocutory Application (IA) was filed by the Resolution Professional (later substituted by the Liquidator) of M/s. DQ Entertainment (International) Limited, seeking to avoid preferential and undervalued transactions under Sections 43 and 45 of the IBC. The Liquidator alleged that the suspended management (Respondents) engaged in transactions causing losses to creditors, including advance repayments, consultation fee payments, and asset sales at significantly lower values.
M/s. DQ Entertainment (International) Limited was admitted into CIRP on 17.06.2022, following a Section 7 petition by a Financial Creditor.
Mr. Madhusudhan Rao Gonugunta was appointed as the Interim Resolution Professional (IRP).
CS. Dr. Ahalada Rao Vummenthala was appointed as the Resolution Professional (RP) by the CoC on 16.07.2022.
Mr. Venka Reddy Bathina, Liquidator, was substituted as the Applicant in I.A. (IBC) No. 1273 of 2023 on 11.06.2024.
The Applicant alleged that the Respondents (suspended directors and CFO) engaged in preferential and undervalued transactions under Sections 43 and 45 of the IBC.
A Transaction Auditor (M/s. Sarath & Associates) was appointed to examine transactions from 01.04.2017 to 17.06.2022.
…R&A Associates appointed as Secretarial and…
Rs. 50,00,000/- advance…